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SMIC Cuts Capex Plan, Swings to Loss

By

Owen Fletcher

Updated Aug. 11, 2011 1:05 a.m. ET

BEIJING—Semiconductor Manufacturing International Corp. (SMIC), China's largest chip foundry by capacity, is preparing for a long industry downturn and has cut its planned capital spending for the year, company executives said on Thursday.

"We recognize the severe macroeconomic conditions out there," Tzu-Yin Chiu, who became CEO last week, said during a teleconference with analysts.